USDA Rural Development has announced its Top 10 approved lenders in loan activity for its Guaranteed Rural Housing (GRH) loan program in Nebraska for Fiscal Year 2014 and its $3 million and $2 million club lenders. Earlier this year, a borrower and lender completed a loan that put Nebraska at more than $1 Billion in total loans since the program’s inception in 1992.
In Fiscal Year 2014, 79 approved lenders participated in the GRH program and provided more than $104.4 million to assist 1,081 rural Nebraska households in achieving homeownership.
The Top 10 Lenders include:
Charter West National Bank 139 Loans $13,132,761
Pinnacle Bank 77 Loans $ 7,828,155
Wells Fargo Bank N.A. 66 Loans $ 6,350,995
Platte Valley Bank 58 Loans $ 5,728,584
Farmers & Merchants Bank 55 Loans $ 5,700,068
First National Bank of Omaha 40 Loans $ 3,993,709
Cornerstone Bank 37 Loans $ 3,269,109
Great Western Bank 36 Loans $ 3,349,849
Adams Bank & Trust 33 Loans $ 2,713,966
Midwest Bank N.A. 30 Loans $ 2,611,63
In addition to the Top 10 lenders by the number of loans, the following are lenders that are in the $3 million Club and $2 million Club through the GRH Program in Nebraska:
$3 Million Club Lenders:
Liberty First Credit Union 25 loans $ 3,278,396
Stonegate Mortgage Corp. 26 loans $ 3,015,402
$2 Million Club Lenders:
BankFirst 25 loans $ 2,472,763
Elkhorn Valley Bank & Trust 29 loans $ 2,453,385
Lincoln Federal Savings Bank 25 loans $ 2,363,333
FirstBank of Nebraska 26 loans $ 2,307,790
First Mortgage Company, LLC 24 loans $ 2,249,308
These lenders will be recognized by Rural Development and will receive a plaque acknowledging their activity in the GRH program, which has fostered rural homeownership in the state.
USDA Rural Development oversees a single family housing portfolio in Nebraska of more than $640 million, consisting of more than 8,200 loans that have maintained low delinquency rates.
The GRH program is a federal program that is budget neutral. The program does not rely on taxpayer dollars to fund the program and is self-supporting through the fees generated through the loans.
Fiscal Year 2015 should be a strong year as well. Nebraska Rural Development State Director Maxine Moul said, "The guaranteed rural housing loan program is very solid. Year after year we have assisted many individuals and families with the purchase of a home in rural Nebraska. I encourage approved lenders to continue to use this program, helping even more Nebraskans to achieve homeownership."
Through the GRH program, loan funds are provided by private lending institutions and guaranteed by the federal government. The program features no down payment to eligible income households and no maximum mortgage limits. Homes must be located in rural areas. All communities in Nebraska are eligible for USDA Rural Development housing programs with the exceptions of Fremont, Grand Island, Hastings, Kearney, Lincoln, North Platte, Omaha and South Sioux City/Dakota City. See http://eligibility.sc.egov.usda.gov/eligibility/ for eligible areas. GRH loans have been processed in 79 out of the 93 counties throughout Nebraska.
Existing guaranteed or direct loan borrowers may refinance their home loans under the GRH loan program. This provides a borrower with an opportunity to obtain a possible lower interest rate.
Visit http://www.rurdev.usda.gov/NEHome.html. For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2013. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
For additional information on becoming an approved lender, contact Krista Mettscher at USDA Rural Development, 100 Centennial Mall North, Suite 308 Lincoln, NE 68508, (402) 437-5518 or at email@example.com. Visit www.rurdev.usda.gov/ne/.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.